INTRODUCTION TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
On August 15, 1997, The BFGoodrich Company (the "Company") completed the
disposition of its chlor-alkali and olefins business to The Westlake Group for
$92.75 million. The accompanying unaudited pro forma condensed consolidated
balance sheet presents the financial position of the Company as if the
divestiture occurred at June 30, 1997.
EXHIBIT 99
THE B.F.GOODRICH COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1997
(Dollars in millions)
Pro Forma
Historical Adjustments Pro Forma
---------- ----------- ---------
ASSETS
- ------
Current Assets
Cash and cash equivalents $ 174.9 $ 105.0 $ 279.9
Accounts and notes receivable, net of allowance 367.5 (26.7) 340.8
Inventories 350.0 (13.5) 336.5
Other current assets 94.5 (0.8) 93.7
--------------- --------------- --------------
Total Current Assets 986.9 64.0 1,050.9
--------------- --------------- --------------
Property
Land, buildings and machinery and equipment 1,551.0 (142.4) 1,408.6
Allowance for depreciation and amortization (676.4) 99.0 (577.4)
--------------- --------------- --------------
Total Property 874.6 (43.4) 831.2
--------------- --------------- --------------
Goodwill 504.3 - 504.3
Other Non-current Assets 251.6 (2.1) 249.5
--------------- --------------- --------------
$ 2,617.4 $ 18.5 $ 2,635.9
=============== =============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Current Liabilities
Accounts payable $ 227.2 $ (7.5) $ 219.7
Accrued expenses 233.2 - 233.2
Other current liabilities 53.7 11.5 65.2
--------------- --------------- --------------
Total Current Liabilities 514.1 4.0 518.1
--------------- --------------- --------------
Long-term Debt and Capital Lease Obligations 391.8 - 391.8
Postretirement Benefits Other Than Pensions 341.4 - 341.4
Other Non-current Liabilities 81.5 - 81.5
Mandatorily Redeemable Preferred Securities of Trust 122.9 - 122.9
Shareholders' Equity
Common stock 276.2 - 276.2
Additional capital 367.3 - 367.3
Income retained in the business 564.8 14.5 579.3
Other shareholders' equity (42.6) - (42.6)
--------------- --------------- --------------
Total Shareholders' Equity 1,165.7 14.5 1,180.2
--------------- --------------- --------------
$ 2,617.4 $ 18.5 $ 2,635.9
=============== =============== ==============
See accompanying note to Unaudited Pro Forma Condensed Consolidated Balance
Sheet.
NOTE TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
On August 15, 1997, The BFGoodrich Company (the "Company") completed the
disposition of its chlor-alkali and olefins business to The Westlake Group for
$92.75 million. The accompanying unaudited pro forma condensed consolidated
balance sheet presents the financial position of the Company as if the
divestiture occurred at June 30, 1997. In addition to the cash proceeds from the
sale, the settlement of accounts receivable and accounts payable have been
presented as a pro forma adjustment to cash.